Money

By Laura He, CNN Business Chinese authorities are making their biggest effort yet to end a crisis in the country’s vast real estate sector that has weighed heavily on the economy over the past year. Shares of China’s biggest property developer Country Garden soared as much as 52% in Hong Kong after Beijing on Friday

By Frank Pallotta, CNN Business “Black Panther: Wakanda Forever” had the major challenge of following “Black Panther,” one of the biggest blockbusters ever, and had to do so without star Chadwick Boseman, who passed away in 2020. Despite all of the challenges, “Wakanda Forever” notched a sizable box office opening this weekend. The Marvel movie

By Paul R. La Monica, CNN Business It has been a tough year for American consumers. Inflation everywhere. Rapidly rising interest rates. A housing market that is starting to cool off. That begs a question with the holidays right around the corner: Are shoppers finally tapped out? We’ll get a better sense of that this

By Julia Horowitz, CNN Business Conventional economic logic hinges on a core assumption: Bigger economies are better, and finding ways to maintain or boost growth is paramount to improving society. But what if growth is at best doing little to fix the world’s problems, and at worst fostering the destruction of the planet and jeopardizing

by Reuters Disney is planning to freeze hiring and cut some jobs as it strives to move the Disney+ streaming service to profitability against a backdrop of economic uncertainty, according to a memo seen by Reuters on Friday. Chief Executive Bob Chapek sent the memo to Disney’s leaders, saying the company is instituting a targeted

Reuters At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter. The exchange’s founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried’s trading company Alameda Research, the people told Reuters. A large portion of that total has since

By Ramishah Maruf, CNN Playbill, a news outlet and guide for the Broadway theater community and theatergoers, said Friday it left Twitter after Elon Musk took over the platform. In a statement, Playbill said the social media platform has “greatly expanded its tolerance for hate, negativity, and misinformation.” The account, which had more than 400,000

By Anna Bahney, CNN Business There is no sugarcoating it: This is a terrible time to buy a home. Mortgage rates for a 30-year fixed rate loan are now hovering above 7%, more than 4 percentage points higher than a year ago. That has slashed a typical buyer’s purchasing power by 14%, according to Black

By Nathaniel Meyersohn, CNN Business A gym membership in the United States typically costs around $50 a month. Boutique gyms and high-intensity classes run double and triple that. Planet Fitness, however, has offered $10 monthly memberships for 30 years. The no-frills gym chain hasn’t raised the price, making it one of the few things that

By Matt Egan The reeling crypto industry faces a 2008-style crisis that will lead to a much-needed regulatory crackdown, crypto CEO Changpeng Zhao warned on Friday. “It’s devastating for the industry. A lot of consumer confidence is shaken. We’ve been set back a few years,” Zhao, the CEO of cryptocurrency exchange Binance, said during a

By Allison Morrow, CNN Business Larry David made a prediction about this week’s crypto meltdown that was prettaaay prettaaay good. In a Super Bowl ad for the FTX crypto exchange in February, Larry David sarcastically predicted that FTX wasn’t going to make it. The ad shows David’s character throughout history, naysaying humanity’s greatest inventions, including